Business
Siebert to Acquire Stake in Leading Diversity Broker, Tigress Financial Partners
– Siebert to Purchase 24% of Tigress Financial Partners – Tigress Financial Partners to Receive 24% of Siebert’s Subsidiary WPS Prime Services and Shares of
About this update from Siebert Financial Corp.
[{"type":"text","content":"\n– Siebert to Purchase 24% of Tigress Financial Partners\n\n– Tigress Financial Partners to Receive 24% of Siebert’s Subsidiary WPS Prime Services and Shares of Siebert Common Stock\n\n– Incredible Partnership to Build Upon Siebert’s Legacy While Supporting Strategic Partners in Building Diversity Initiatives\n\n– Tigress Financial Partners’ Cynthia DiBartolo to Join Siebert’s Management Team at Close of Transaction\n\n NEW YORK--(BUSINESS WIRE)--\nSiebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider of financial services, today announced that it has signed a non-binding letter of intent with Tigress Holdings, LLC whereby Siebert will purchase 24% of the outstanding membership interests in Tigress Financial Partners (“Tigress”). Tigress is the nation's only disabled and woman-owned financial services firm providing institutional and high net worth investors with expertise in investment banking, capital markets, research, corporate advisory and global trade execution services, asset management and global wealth management.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210823005174/en/\nIn exchange, Tigress will receive 24% of the outstanding membership interests in Siebert’s subsidiary WPS Prime Services, LLC (“WPS Prime Services”) and shares of Siebert common stock. Cynthia DiBartolo, Esq., the founder and CEO of Tigress, will join Siebert’s management team at the close of the transaction. The transaction has been approved by the Boards of both companies and is expected to close by the third quarter of 2021, subject to additional due diligence and customary closing conditions. Financial terms were not disclosed.\n\nIncredible Partnership to Build Upon Siebert’s Legacy\n\n“We identified a perfect alignment between Siebert and Tigress in July 2021 when Tigress became the nation's first disabled and woman-owned floor broker and member of the NYSE in the Big Board's 229-year history,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert, the parent of WPS Prime Services. “Muriel Siebert & Co., Inc. was founded in 1967 by the first woman member of the NYSE, Muriel Siebert, and has been in business longer than any other discount brokerage firm. The investment in Tigress represents our collaboration with the ideal partner to continue to bui...